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Tag: eNaira

eNaira transactions rise 284% in August - CBN
Business

eNaira transactions rise 284% in August – CBN

The Central Bank of Nigeria has recorded a 284.6% rise in the transaction volume of its digital currency, eNaira, for August 2023. Nairametrics reported that the central bank said this in its Monthly Economic Report for August 2023 where it also stated that the eNaira hit N9.78 billion in August. Although the monthly eNaira increase was […]

eNaira not a threat to Nigeria’s financial stability – CBN
Uncategorized

eNaira not a threat to Nigeria’s financial stability – CBN

The Central Bank of Nigeria refutes the assertion that the naira, the country’s Central Bank Digital Currency, poses a risk to the country’s financial stability. The Times reported that the director of corporate communications at the CBN, Isa AbdulMumin, said as much in a statement on Monday. He claimed that the assertion was a misinterpretation of the bank’s just-released […]

eNaira not a threat to Nigeria’s financial stability – CBN
Banking

eNaira balances hit N2.5bn in 2022

Nigeria’s central bank’s digital currency, the eNaira, saw a significant increase in total balances in 2022, reaching N2.5 billion. According to Nairametrics, this represents a 2.65-fold increase year over year compared to the N940 million reported in 2022. This is based on information from the Central Bank’s 2022 audited financial statement, which was published on […]

CBN unveils plan to revamp eNaira
Banking

CBN unveils plan to revamp eNaira

The Central Bank of Nigeria is taking steps to revitalize its digital currency, the eNaira, in a bid to boost adoption and usage. This marks the latest update in the country’s ongoing efforts to enhance its Central Bank Digital Currency and attract more users to the innovative financial system. In a recent statement posted on […]

CBN orders banks to pay diaspora remittances in naira
News

CBN orders banks to pay diaspora remittances in naira

The Central Bank of Nigeria has issued a directive to International Money Transfer Operators to pay dollars received through Diaspora remittances to domestic beneficiaries in naira. The directive was conveyed in a circular addressed to banks, IMTOs, and the public by the Director of the CBN’s Trade and Exchange Department, O.S Nnaji. The circular also […]

eNaira balances hit N2.5bn in 2022
News

CBN approves eNaira as payment option for diaspora remittance

The Central Bank of Nigeria announced that it has given recipients of diaspora remittances the opportunity to make payments using its digital currency, also known as the eNaira. Nairametrics reported that the decision, according to the apex bank, is part of its efforts to liberalize the distribution of diaspora remittances. This information is provided in the […]

Nigerians' use of eNaira disappointingly low – IMF
News

Nigerians’ use of eNaira disappointingly low – IMF

  The eNaira’s public adoption by the Nigerian populace has been deemed ‘disappointingly low’ by the International Monetary Fund. According to The PUNCH, this was presented in a recently published working paper by the organisation, entitled “Nigeria’s eNaira, One Year After”. In this report, the Bretton Woods institution provided an assessment of the performance of […]

100% cashless economy possible in Nigeria - Emefiele
Banking

100% cashless economy possible in Nigeria – Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that the goal of the apex bank to make Nigeria 100 per cent cashless is achievable. As the eNaira recorded over N8 billion in transactions in its first year of operation, Emefiele revealed that the CBN is committed to taking decisive steps in […]

CBN opens eNaira to USSD transaction
News

eNaira records N8bn worth transaction – CBN

The Central Bank of Nigeria has recorded 700,000 eNaira transactions worth N8bn in the last year. According to Channels, this was stated by the CBN Governor, Godwin Emefiele who delivered a keynote address at the ‘eNaira 1 year Anniversary’ held at the CBN Main Auditorium on Tuesday. “Since its launch, the eNaira has offered Nigerians […]

eNaira hits 905k downloads
Economy

eNaira hits 905k downloads

At least 905,588 Nigerians have downloaded the eNaira on the Apple and Google application stores, the Central Bank of Nigeria has said. This was disclosed by the apex bank’s Governor, Godwin Emefiele, during Tuesday’s Monetary Policy Committee. Emefiele added that although the eNaira app is close to one million downloads, only 282,600 users out of […]

CBN opens eNaira to USSD transaction
News

CBN opens eNaira to USSD transaction

Beginning next week, Nigerians will be able to access eNaira through the Unstructured Supplementary Service Data code on their mobile phones, the Central Bank of Nigeria has said. This was disclosed by the apex bank’s Governor, Godwin Emefiele, at the Grand Finale of the 2022 eNaira Hackathon in Abuja on Thursday. Emefiele revealed that Nigerians can […]

eNaira hits 905k downloads
Banking

CBN introduces USSD to boost eNaira

The Central Bank of Nigeria plans to introduce the Unstructured Supplementary code as part of steps to improve the Central Bank Digital Currency. This was disclosed by the Deputy Governor of the CBN, Kingsley Obiora, at the IMF African Department Speakers Series held virtually on Friday, according to Nairametrics.  Obiora said that Nigeria was doing […]